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OFFICE OF FOREIGN ASSETS CONTROL (OFAC)
Self-paced online course: ABA eLearning
Price: $95 members; $130 non-members ENROLL NOW
Course Description: Office of Foreign Assets Control (OFAC) provides
key information relative to OFAC laws and regulations that are part of bank
employees' daily responsibilities. This course explains the overall purpose
and background of OFAC. It provides the purpose and use of the sanctions
lists, as well as the general guidelines for handling matched names and
blocked funds. REVISED: 2009
Audience: Bank personnel who have deposit or lending
responsibilities.
Learning Objectives:
After completing this course,
students will be able to:
- Explain
the background of OFAC and the purpose of economic and trade sanctions
- Describe
the purpose and use of OFAC's sanctions
lists including the Specially Designated Nationals and Blocked Persons
List
- Understand
who must comply with OFAC regulations
- Describe
how to handle a matched name
- Appreciate
the penalties for non-compliance
- Describe
how to handle a matched name
- Describe
how to handle blocked or rejected transactions
- Identify
reports that must be made to the United States Treasury
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